Women have barely half the pensions of men, says TUC

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Women have barely half the occupational pension savings of men, according to a report from the TUC.

It says that, on average, women have £7,500 in defined contribution pension schemes, compared with £14,500 for men.

The smaller the amount saved in a pension pot, the smaller the income that can be drawn from it.

In defined benefit- otherwise known as final salary - schemes, women typically have £32,000 in savings, while men have £62,900.

The study, carried out by the Pensions Policy Institute (PPI), says women receive smaller state pensions too.

It says that female pensioners receive 25% less than men, which amounts to £2,548 a year.

Future

The report, called Under-pensioned 2016, also notes that carers, black and Asian workers and the self-employed have smaller than average pensions.

"Women, carers and ethnic minority workers will continue to have a tough time in old age if swift action is not taken," said Frances O'Grady, the TUC's general secretary.

"We urgently need a debate on how unions, government and employers can work together to can build on the success of auto-enrolment."

Previous research by the government has shown that women are more likely than men to opt out of auto-enrolment schemes, but that may be because a greater proportion of them work part-time.

A two-year study into the future of pensions commissioned by the Labour party is due to be published on Wednesday.